Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.1 million autocallable contingent interest barrier notes on indexes
By William Gullotti
Buffalo, N.Y., April 29 – Toronto-Dominion Bank priced $2.1 million of autocallable contingent interest barrier notes due April 15, 2027 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.25% if each index closes at or above the 70% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 70% final barrier level.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Dow Jones industrial average
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| Amount: | $2.1 million
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| Maturity: | April 15, 2027
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| Coupon: | 9.25% annual rate, payable quarterly if each index closes at or above coupon barrier level the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above final barrier; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each index closes above initial level on any quarterly call observation date after one year
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| Initial levels: | 18,169.9 for Nasdaq, 5,209.91 for S&P, 38,883.67 for Dow
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| Coupon barrier levels: | 12,718.93 for Nasdaq, 3,646.937 for S&P, 27,218.569 for Dow; 70% of initial levels
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| Barrier levels: | 12,718.93 for Nasdaq, 3,646.937 for S&P, 27,218.569 for Dow; 70% of initial levels
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| Strike date: | April 9
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| Pricing date: | April 11
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| Settlement date: | April 16
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.2%
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| Cusip: | 89115FZ20
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